FirstBank is having a checking account promotion with a $50 bonus for opening a checking account. According to the instructions, the $50 award will be given at account opening. The $50 bonus isn't that much, but unlike bonuses from other banks, this is quick and easy without a direct deposit requirement.

This is very similar to their last year's promotion. When I posted on it last year, readers mentioned being told by FirstBank that only people in their market area were eligible to open accounts. Here's part of an email a reader received from FirstBank. I highlighted the info on the eligible areas.

Because you currently reside outside of FirstBank's trade areas (the state of Colorado, the city of Palm Desert, California, or the Phoenix, Arizona area), we are unable to further process your request at this time.

The small print of this promotion is at the bottom of FirstBank's checking account page. Some of the important small print includes:

Minimum opening deposit of $50 required to receive the gift.

Award will be given at account opening

Offer valid for personal checking accounts opened

Limit one gift award per household, per 12-month period. Limit one gift per account.

$50 award is considered interest and is subject to IRS and other tax reporting

If the account is closed within the first six months, the bonus can be revoked

The Free Checking Account does have a few potential fees, but you should be able to avoid them:

Internet Banking is free if you agree to receive your statements electronically, otherwise it is $3 per month

If you enroll for the optional Bill Payment Service and less than three bill payments are made per month, a $5 inactivity fee will be assessed

A reader reported last year that they do a hard credit inquiry in the application process. This can temporarily ding your credit score. Another thing to be aware of is that checks are not free. I was told last year that you can choose not to receive them. You may have to call and request that you don't want checks.

Branches are mostly located in Colorado. There are also branches in the Phoenix, Arizona metro area and in the California cities of La Quinta, Palm Desert and Indio.

FirstBank is offering some competitive long-term CD rates. These include a 3.50% APY for 24 months, 3.75% APY for 42 months and 4.00% APY for 60 months. Minimum deposit is $10,000. These rates are listed at the bank's Premier Time Account Page as of 1/28/09. Note, at the bottom of the page, a different page can be selected for California and Arizona customers. However, the rates were no different as of 1/28/09. Also note at the bottom of the page it states that rates are effective 1/28/2009 to 2/1/2009. I...

FirstBank is having a checking account promotion in which you can get a $50 gas card for opening a Free checking account. According to the instructions, you'll automatically have the gas card mailed to you once you open the checking account online. The $50 bonus isn't that much, but unlike bonuses from other banks, this is quick and easy without a direct deposit requirement. Plus, according to the banking rep, people from any state should be able to apply online.

Update 7/18/08: A reader has reported that the promotion is limited...